Wedding Insurance FAQs
Event cancellation and postponement coverage notice: Any policy purchased after September 18, 2020, does not cover cancellations or postponements due to Covid-19.
Why Do I Need Wedding Insurance?
Weddings are inarguably an investment. Beyond the cost, it’s also an investment of your time and energy as you plan and prepare for months to ensure the celebration is exactly what you both had in mind. After having spent hours shopping, tasting, and hiring wedding service providers, don’t let something like a medical emergency or a natural disaster cost you thousands of dollars in lost deposits. With wedding insurance, Maroo can help you work through a cancellation so you can shift your wedding to a new date. That’s because every transaction with Maroo comes with embedded wedding cancellation insurance provided by eWed. Below are a few of the most common reasons to have wedding insurance.
- Extreme Weather: Extreme weather could also make a cancellation necessary. If an unexpected hurricane, flood, or blizzard threatens your wedding, wedding cancellation insurance will protect your deposits (and your guests).
- Military Deployment: Wedding cancellation insurance covers cancellations in case either one of you gets called away on military deployment.
- Accidents: Extreme accidents are another cause for cancellation. You’ll want to check with your policy provider but in many cases, this is covered as well.
- Job Loss: Wedding cancellation insurance can also kick in if either of you loses your job and can no longer cover expenses.
And wedding insurance doesn’t stop with vendor deposits. You can build a policy with honeymoon insurance, wedding ring insurance, and engagement ring insurance.
Good to know: Venues may also require you to have some type of liability insurance to protect from the costs incurred by an injury to a staff member or an attendee on site. Many venues require their couples to come prepared with liquor liability insurance, in case any disaster befalls an over-served guest. This is separate from cancellation insurance so be sure to check with your venue manager.
What is Wedding Insurance?
Wedding insurance is a relatively small upfront payment that covers you in case of an accident, extreme weather and other major events. Let’s say one of you gets into a car accident the day before the wedding. Instead of losing the thousands of dollars you paid for your deposits, wedding insurance will reimburse you.
There are two different types of wedding insurance: Wedding liability insurance and wedding cancellation insurance.
- Liability insurance covers personal injuries and property damage that happen at your wedding. Some venues require you to have liability insurance. And technically, as a couple,you could be held liable for these types of damages.
- Cancellation insurance will reimburse you for any financial loss when a member of the wedding party can’t make the wedding because of an emergency.
What Can Wedding Insurance Cover?
It depends on the type of wedding insurance you purchase but here are some items that an insurance policy can cover:
- Gifts. Don’t let a mysterious disappearance threaten your shiny new appliances. Wedding gift insurance will help you quickly replace any lost items.
- Wedding attire. If anything happens to your wedding dress, tuxedo, jewelry, and/or heirlooms, you won’t have to rely on cheaper dupes. Some wedding insurance policies will cover the cost of your last-minute replacements.
- Rings. Wedding insurance can cover almost every element of your wedding, down to the rings. As much as you trust cousin Greg to bring the rings, there’s a lot that can go wrong between the hotel and the ceremony. Wedding ring insurance and engagement ring insurance can take a load off your mind -- especially if you followed the “two-months’ salary” rule.
- Wedding photography and videography. Your videographer might not show up because of a personal emergency. And it has happened on occasion that a photographer’s files were corrupt from the day-of. An insurance policy that covers your photo and video could help take the sting out of that loss.
- Lost deposits. In the event of extreme weather or for other reasons that your wedding provider may not be able to deliver on the day-of, insurance can help you recoup nonrefundable deposits. That way, you can quickly have the funds on hand to book a replacement.
- Extra days. Plenty of couples want guests to attend events before and after the wedding. Policies can cover rehearsal dinners and farewell brunches.
- Surprise expenses. Wedding insurance policies can cover the sudden need to add more chairs or a gluten-free dessert option. Anyone who has ever planned a wedding can tell you — there WILL be something!
When Does a Wedding Loan Make Sense?
You shouldn’t have to go into high-interest debt in order to celebrate your wedding. If you can’t pay for your wedding without putting big payments on credit cards or borrowing a significant amount of money from a family member, a Maroo installment might make sense.
- Savings. Many couples don’t have thousands of dollars saved up for their wedding. If you don’t want to wait years to get married, consider a marriage loan.
- Credit cards are typically NOT a good option. Your credit card almost certainly has an extremely high interest rate. If you aren’t able to pay it back within 30 days, you could end up spending $1,000s more than you originally intended.
- Relatives aren’t always able to contribute. Even the most supportive families can’t always help foot the bill.
- Timing is everything. In order to reserve your vendors and venue, you will have to provide a deposit well in advance of your wedding date. Instead of paying down what is typically 50% of the overall invoice all at once, opt to split it up into monthly payments.
- Honeymoons. Alleviate the cash flow issues by paying for part or all of your wedding with Maroo. Then use what you saved to help pay and cover your honeymoon.
What Does Wedding Insurance NOT Cover?
Rain: Cancellation in the case of rain usually won’t fly––the weather has to be truly an emergency in order to qualify for coverage.
Covid-19: You also won’t find a policy that covers cancellations due to Covid-19.
Change of heart: If the couple cancels the wedding because of a change of heart (as in, a breakup), most policies do not offer coverage.
How Much Does Wedding Insurance Cost?
When you book with Maroo, your transaction automatically gets embedded with wedding cancellation insurance provided by eWed. That policy covers things like job loss, extreme weather, military deployment and accidents.
That said, if you are looking for more coverage or wedding insurance that covers beyond what Maroo offers, you can buy a lot of protection for a relatively small amount of money.
For instance, a wedding cancellation policy from eWed that covers $30,000 in losses costs approximately $365. Plans starting at $75 cover you for $5,000 worth of cancellation expenses.
If you’re interested in wedding liability insurance, it typically costs just over $100 and covers $1,000,000 per occurrence and $2,000,000 for total liability and property damage liability.
When you pick a policy, you’ll also want to make note of the deductible. The deductible is how much the customer pays before the insurance coverage kicks in. There is also a coverage limit, which is the maximum amount the insurance company will reimburse.
Wedding cancellation insurance companies offer a selection of coverage amounts. Make sure you’re not paying for more insurance than you need.
Before you buy a wedding insurance policy, check to see what type of liability coverage your homeowner or renter insurance already covers.
Most importantly, wedding insurance will buy you peace of mind. Pay your deposits with confidence—your wedding is equally safe from natural disasters, unexpected job loss and accidents.